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Mar 31, 2023
FIGS Q1 2023 Earnings Report
FIGS' first quarter performance exceeded expectations, demonstrating progress against key initiatives.
Key Takeaways
FIGS reported a 9.2% year-over-year increase in net revenues, reaching $120.2 million. The company's net income was $1.9 million, with a net income margin of 1.6%. Adjusted EBITDA was $16.1 million, representing 13.4% of net revenues.
Net revenues increased by 9.2% year-over-year, driven by higher order volume from new and existing customers.
Gross margin improved slightly to 71.3%, primarily due to reduced air freight utilization.
Active customers grew by 21.8% to 2.4 million.
The company anticipates accelerated growth as macroeconomic headwinds subside.
FIGS
FIGS
Forward Guidance
For the full year 2023, FIGS expects net revenues to grow between 5.5% and 7.5% compared to 2022, and adjusted EBITDA margin to be between 12% and 13%.
Positive Outlook
- Well positioned to drive accelerated growth once macro headwinds subside.
- Strong balance sheet.
- Ability to generate healthy free cash flow.
- Effectively manage near term macro challenges.
- Continuing to invest in our future growth.